Urban Outfitters, Inc. URBN shares are trading marginally higher 1.41% to $25.89 Tuesday morning, reversing following earlier strength, after the company reported better-than-expected third-quarter sales.
What Happened?
Urban Outfitters reported quarterly earnings of 40 cents per share which missed the analyst consensus estimate of 42 cents. The company reported quarterly sales of $1.18 billion, which beat the analyst consensus estimate of $1.15 billion by 3%. This sales figure is a 4% increase over sales of $1.13 billion in the same period last year.
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The company added that Total Retail segment net sales increased 2%, with comparable Retail segment net sales increasing 4%, partially offset by a 2% negative impact of foreign currency translation.
URBN says the increase in Retail segment comparable net sales was driven by mid-single-digit positive digital channel sales and low single-digit positive retail store sales.
“We are pleased to announce record Q3 sales fueled by strong ‘comps’ at the Anthropologie and Free People brands,” said Richard A. Hayne, Chief Executive Officer.
“As we approach the all-important Black Friday/Cyber Monday weekend, we are encouraged by sales quarter-to-date,” finished Mr. Hayne.
According to data from Benzinga Pro, URBN has a 52-week high of $38.04 and a 52-week low of $17.81.
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